Stimulus & response

● Stimulus => any signal or cue that influences a customer's behavior.

● Response => customer's reaction to the stimulus.
Product features and benefits,
Sales promotion
Pricing

Stimulus: McDonald's "I'm Lovin' It" jingle

Response: Increased brand awareness, positive brand sentiment, and sales.

Internet of Things
The Internet of Things (IoT) has the potential to revolutionize marketing by providing
businesses with new and innovative ways to connect with their customers.

By connecting everyday objects to the internet, businesses can collect valuable data
about customer behavior and preferences. This data can then be used to personalize
marketing campaigns, improve customer service, and develop new products and
services.

● Personalized marketing: Businesses can use IoT data to create personalized

marketing campaigns that are tailored to individual customers' needs and
interests.
● For example, a retailer could use data from smart refrigerators to send
customers coupons for groceries that they are running low on.

Amazon Go: Amazon Go is a chain of grocery stores that uses IoT technology to
eliminate checkout lines.

Customer / Consumer
Customer => individual or organization that purchases a product or service. They may
or may not be the end user of the product or service.

For example, a parent might purchase a new toy for their child, in which case the parent
would be the customer and the child would be the consumer.

Consumer is the person who ultimately uses or consumes a product or service. They
are the end user of the product or service.

For example, a person who buys a new car is both the customer and the consumer.

Good profits & Bad profits

Good profits (customer happy and satisfied).

● earned through fair and ethical practices that provide value to customers and
foster long-term relationships.
● These profits are sustainable and contribute to a company's growth and success.

Creating a positive and memorable customer experience that fosters loyalty and
encourages repeat business. For instance, a restaurant that consistently delivers
exceptional service, providing attentive staff, a welcoming ambiance, and delicious
cuisine.

Bad profits (customer are unhappy and unsatisfied)

● generated through unethical or deceptive practices that exploit or mislead

customers, ultimately leading to customer dissatisfaction and damage to the
company's reputation.
● These profits are unsustainable and can lead to long-term harm to the business

Providing poor customer service that frustrates customers, fails to resolve

issues, and leaves them feeling undervalued. For example, an airline that has a long
history of delayed flights, lost luggage, and unresponsive customer service
representatives.

Need / Want / Demand

Needs => basic requirements that humans must fulfill to survive. These needs are
physiological and are not influenced by culture or society.

For example, food, water, shelter, and sleep are all basic human needs.

Wants => desires that go beyond basic needs. They are influenced by culture, society,
and individual preferences.

For example, a person might want a house with a swimming pool or a car that is fast
and stylish.

Demand => willingness and ability to pay for something. It is created when a want is
combined with the ability to pay for it.

For example, a person might want a new smartphone, but they will only demand it if
they have the money to buy it.

Need: People need transportation to get around.

Want: People want a car that is safe, reliable, and stylish.

Demand: People who have the money to buy a car will demand a car that meets their
needs and wants.

Triple Bottom Line

● business accounting framework that incorporates three dimensions of
performance: profit, people, and planet.
● TBL can be used to develop marketing strategies that are not only profitable
but also socially and environmentally responsible.

1. Profit (Bottom line)

● It is the financial gain that a company makes from selling its products or
services.
● Profit is important for businesses because it allows them to reinvest in
their growth, pay their employees, and reward their shareholders.
● However, profit is not the only measure of business success.
 ● PCompanies that focus solely on profit may overlook other important
factors, such as their impact on the environment and society.

2. Profit + environment (2nd bottom line)

● "sustainable bottom line" or the "environmental bottom line,"
● measure of a company's environmental impact.
● It takes into account factors such as energy consumption, pollution, and
waste management.
● trying to reduce their environmental impact and become more sustainable.
● Benefits, such as cost savings, improved brand reputation, and increased
customer loyalty.

3. Profit + environment + society (3rd bottom line)

"triple bottom line" or the "people, planet, profit" bottom line

● measure of a company's impact on society as a whole.

● It takes into account factors such as fair labor practices, employee satisfaction,
customer satisfaction, and community engagement.
● trying to make a positive impact on society while also being profitable.
● Benefits, such as increased employee productivity, improved customer
relationships, and a stronger reputation.

Patagonia: Patagonia is a clothing company that is known for its commitment to

environmental sustainability. The company uses recycled materials in its products and
has a program that encourages customers to repair or donate their Patagonia clothing
instead of throwing it away.